Business
Good Marine Production Continues and 3rd Sales Result
Good Marine Production Continues and 3rd Sales Result.
About this update from Dfr Gold Inc
[{"type":"text","content":"\n\n\n\nSYMBOL: DFI\n\n\nCAPE TOWN, May 23 /CNW/ - Diamond Fields International Ltd. (DFI:TSX)\n("DFI" or the "Company") is pleased to announce that very good production\nlevels and cash flow from marine diamond mining continue from its joint\noperations program with Bonaparte Diamond Mines NL ("Bonaparte"), and also\nannounces results of its 3rd diamond sale.\n\n\nMining operations in the Diaz Prospect 1 joint operations mining area in\nML111, offshore Namibia, utilizing the Company's vessel MV DF Discoverer, have\nbeen running efficiently since the end of March 2007. The recovery for April\n2007 of 8,185 diamonds for 3,189 carats ("cts") is the best monthly production\nsince commencement of mining operations in late January 2007.\n\n\nThe strong results have continued into May 2007 with total production for\nthe period 1-19 May of 5,549 diamonds weighing 2,257cts at an average size of\n0.41cts/stone. May has also produced the highest single day's recovery so far\nof 346 cts.\n\n\nTotal production from the joint operations mining since commencement on\nJanuary 27, 2007 to May 19, 2007 now stands at 21,942 diamonds for 9,485cts at\nan average size of 0.43cts/stone.\n\n\nThe third and largest sale of joint operations diamond production so far\nhas also been completed and 3,344cts was sold for total sales revenue of\nUS$661,615 at an average value of US$198/ct. The sale included a 6.16ct gem\nvalued at US$2,219/ct, a 5.38ct gem valued at US$2,427/ct and 21cts of fancy\ncolour gems valued at US$456/ct. To date a total of 6,766cts has been sold at\nan average price of US$222/ct generating total sales revenue of US$1,492,649.\nAll diamond sales were executed via DFI's existing sales agreement with\nDiamond Tenders (Belgium) NV in Antwerp, Belgium.\n\n\nIn terms of the joint operations mining agreement Bonaparte has the right\nto 30% of the proceeds from the sale of diamonds recovered during the mining\noperations and is obligated to pay 30% of both the operating and sales costs.\n\n\nRoger Daniel, DFI's President and CEO, commented: "We are delighted with\nthe ongoing success of the joint operations with Bonaparte which are\ngenerating solid cash flows at these production levels."\n\n\nRoger J. Daniel, B.Sc. (Hons) Geology, London, Pr.Sci.Nat., the Company's\nPresident and CEO, is a F...